Sales of new single-family houses reached a rate of 421,000 in August, according to the U.S. Department of Commerce. This is 7.9 percent above July and 12.6 percent above August 2012.
The median price of the new houses sold in August was $254,600, down 0.7 percent from July, and the average sales price was $318,900, up 0.1 percent from July. At the end of August, there were approximately 175,000 new homes on the market, representing a 5.0-month supply at the current sales rate. This is up from July's 4.6-month supply.
"Sales of new homes bounced partway back in August from an unusual low in July," said NAHB Chief Economist David Crowe in a statement. "That said, we are only about halfway back to what would be considered a sustainable level of activity in a normal economy, and the ongoing housing recovery continues to be slowed by consumers' concerns about interest rates, as well as weak job growth and uncertainty about what's happening in Washington."
Second paragraph edited 12:35 p.m. 9/25/13
